REIT Pays $725M For 52 Properties
Physicians Realty Trust just snatched 47 medical office properties from Catholic Health Initiatives and is in talks to buy five more in what is gearing up to be a $725M deal.
The purchase covers $33M in capital improvements on the 52 properties spread across 10 states, which contain over than 3M SF of rentable space. And most of that space is full—the properties are 94.4% leased and have an average of 8.6 years left on their leases, Law360 reports.
And the purchase comes at a time when real estate has never been more important to healthcare.
Leases at the properties are expected to bring in a cool $43.5M of net operating income yearly. [Law360]